Denver e-News January, 2014

Last year, buyers snapped up a record 54,024 homes in Denver!

So what, you might ask?
Here is another way to look at it: that is almost equal to all of the homes in Littleton and Boulder. When you think that the equivalent of two major cities along the Front Range traded hands in 2013, that is pretty impressive.
The number of sales jumped 16.7 percent from the 46,299 home sales in 2012, but the dollar volume rose by a whopping 28.5 percent. That is similar to the type of returns the stock market made last year, leading to headlines and water cooler chatter about how much money our 401(k)s rose last year.
By the numbers, a record $16.58 billion in homes sold last year. This not only eclipsed the $12.9 billion in 2012, but was $1.6 billion more than the previous record of $14.94 billion in total sales in 2005, in non-inflation adjusted dollars.
There was a lot of pent-up demand from consumers who wanted to buy their first home or move-up. One of the reasons that prices were so high is that consumers who were more confident with the economy and their own jobs had few homes to choose from last year.
At the end of December, there were only 7,706 homes to choose from. That marked the lowest inventory number for any December in history. Earlier in the year, there were so few homes on the market that bidding wars became an every day event. Homes in some hot neighborhoods were selling for tens of thousands of dollars more than the listing price.
For the sellers, of course, that was great. Especially since a few years earlier, during the Great Recession, no one was beating down their door to pay higher than the asking price. There were so many foreclosures and short sales available they were driving down the prices of homes that had equity.
Some people ended up on the losing end of a bidding war four, five or six times. No doubt some of those people were able to eventually find their dream home, while others took a breather from the frustrating and stressful time. Those in the latter category may very well be back in the market this year. And if the economy continues to pick up in 2014 as most economists and market watchers expect, there will be even more people who want to buy a home. However, if the economy does improve and unemployment continues to drop, it is all but certain that interest rates will rise.
That means if you are thinking at all to buy a home, don’t wait. Call me and let’s start looking for a home. The longer you wait, the chances are the more you will pay.

To find more information, photos, and current real estate market data for popular cities across the Denver Metropolitan Area, please visit our Metro City Info page on DenverRealEstate.com

To see this information in graphic form click here.

Market Movers

  • Last year was truly one for the record books, as home sales set records for prices and sales..
    Read more >>
  • It’s almost hard to believe that Denver could show a 9.5 percent, year-over-year gain in home prices and only be ranked 15 out of 20 cities in the latest Case-Shiller index. But local Realtors are glad Denver is not showing the huge gains of other cities, such as Las Vegas and Phoenix.
    Read more >>
  • Twenty story condos could be built at the former hospital site at St. Anthony’s by Sloan’s Lake. Some neighbors love the idea, others hate it.
    Read more >>
  • Despite anticipated rising interest rates, economist are predicting a “resurgent housing sector” will lead a strong economy this year.
    Read more >>
  • New home sales activity remains brisk in the metro area, with permits up 22.3 percent in November when compared with the first 11 months of 2012.
    Read more >>
  • It’s not just downtown. Cherry Creek North is experiencing its biggest building boom in decades.
    Read more >>
  • It was the best November on record for home prices, according to a report from Metrolist.
    Read more >>
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About Tom & Dee Cryer

Your Friends in the Homeownership Business!
This entry was posted in Buying or Selling Real Estate, Centennial, Cherry Hills Village, Denver, Denver Housing, Denver Market Watch, Denver Residential Real Estate, Greenwood Village. Bookmark the permalink.

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